Gold plunged, then rebounded
Gold prices plunged roughly 13–14% over the past week amid West Asia conflict and reported reserve sales, then jumped back more than 3% as bargain hunters stepped in — the episode has shaken gold’s safe-haven narrative. Strategists now expect range-bound trading with attention on Powell’s remarks and geopolitical risk as the next catalysts. (whalesbook.com) (nationthailand.com)
Investors yanked roughly $11 billion from about 100 commodity and precious‑metals ETFs in March, with the biggest drains concentrated in gold funds such as SPDR Gold Shares. (bloomberg.com) The SPDR Gold Trust (GLD) alone posted roughly $6.3 billion of net outflows for March, marking one of its worst months since 2013. (thetradable.com) Bloomberg analysis shows Turkey’s central bank sold and swapped about 58–60 tonnes of gold—worth just over $8 billion—over a two‑week window after the Iran conflict escalated. (bloomberg.com) Central‑bank data and market reports indicate roughly 22 tonnes were sold outright and about 34 tonnes were used in swap transactions to secure foreign currency, a mix that added immediate supply into bullion markets. (turkishminute.com) Gold hit a record near $5,589 per ounce on Jan. 28, 2026, then gave back more than $400 per ounce during the week ending March 20 as the market rotated into cash and higher‑yielding assets. (kitco.com) After nine consecutive sessions of declines, bullion staged a snap bounce late in the month—rising over 3% on March 27–28 and lifting COMEX futures into the mid‑$4,500s per ounce as short covering and bargain buying re‑appeared. (invezz.com) Brent crude surged back above $110 per barrel in late March, a move that pushed up real yields and the U.S. dollar—factors analysts pinpoint as amplifying gold’s selloff even as geopolitical risk persisted. (virginiabusiness.com) ING commodities strategists and other market commentators say the near‑term pattern is likely to be range‑bound while traders await further Fed guidance and the trajectory of the West Asia conflict; Fed chair Jerome Powell’s March 18 press conference left policy rates around 3.6%, a baseline analysts will test for any shift toward rate‑cut language. (fxstreet.com)
